Monday 4 February 2013
The transfer of ownership and control of a business from one generation to the next is important to get right. While a large number of family business owners recognise the importance of succession, many family businesses do not have a succession plan in place for the future. Given that a significant number of business exits fail through liquidation, bankruptcy, illness, divorce or closing up shop, these questions should not be taken lightly. After all, investing the time to develop a strategic succession plan is one of the most important financial decisions business owners may ever make - without one, the value in the business will retire when you do.